Latest news with #BLOOMBERG
Business Times
2 hours ago
- Business
- Business Times
Saudi FDI inflows signal momentum in push for foreign cash
[RIYADH] Saudi Arabia saw its strongest start to a year for foreign direct investment (FDI) since 2022, in an early signal that the kingdom is gaining some traction in its push to attract overseas capital to support its economic ambitions. FDI inflows amounted to US$6.4 billion in the first quarter, according to preliminary data released on Sunday (Jun 29) by the General Authority for Statistics. That's up 24 per cent from a year earlier and down only slightly from the prior quarter, when inflows reached a one-year high. Saudi Arabia has made FDI a key focus as it aims to draw in foreign capital to help support the heavy investment needed for Crown Prince Mohammed bin Salman's multi-trillion US dollar economic diversification programme. But the kingdom has faced challenges in doing so, with inflows stagnating until recently amid investor challenges and a lack of mega deals. The need for FDI is becoming increasingly more acute as Saudi Arabia faces deeper budget deficits due to a combination of low crude prices, falling oil export revenue and elevated investment. While the past two quarters indicate progress on FDI, the kingdom will need a record haul this year to meet its annual target of drawing in US$37 billion. It fell short of its 2024 goal by several billion US dollars, according to preliminary data. In other economic figures released on Sunday, Saudi Arabia's net foreign assets rose to a nine-month high of US$435 billion in May. The Saudi unemployment rate fell to a historic low of 6.3 per cent in the first quarter. The International Monetary Fund recently highlighted continued strength in the labour market, the economy's resilience to shocks and said it expects Saudi GDP to grow by 3.5 per cent this year, up from a prior 3 per cent. BLOOMBERG
Business Times
2 hours ago
- Business
- Business Times
Australia cuts commodity export outlook despite gold price gain
[MELBOURNE] Australia cut its forecast earnings from commodity exports, as a meteoric rise in gold prices fails to offset weakness in iron ore and natural gas. Total resource and energy export earnings fell about 7 per cent to an estimated A$385 billion (S$321 billion) in the 12 months to June, the Department of Industry, Science and Resources said in a quarterly report released on Monday (Jun 30). Income is set to fall further in the next two years because of rising trade barriers, weaker global economic growth and declining prices, it said. Iron ore continues to be Australia's biggest income earner, at about 30 per cent of the total. While shipments will rise, declining grades and falling prices mean earnings for the commodity will slip below A$100 billion in 2026 to 2027 for the first time this decade. Liquefied natural gas (LNG) exports are also set to fall, as new supply from the US and Qatar is set to see prices for Australia's second-biggest commodity drop to about US$10 a million British thermal units in 2027 from around US$15 early this year. Earnings from thermal coal will also decline, while its steelmaking counterpart will hold steady. The outlook is much more positive for gold, Australia's third-biggest commodity, with earnings seen jumping 22 per cent to US$56 billion in the financial year that ends on Monday. The department is also bullish on the outlook for copper, lithium and uranium. 'Higher prices for gold, and forecast higher copper and lithium exports, are partly offsetting the impact of lower prices for iron ore, coal and LNG,' Resources Minister Madeleine King said. 'While global commodity prices are easing, the report suggests Australian resources companies will continue to remain competitive on the global stage.' Finally, prices for lithium are set to 'remain subdued' but Australia will remain the leading supplier of the battery metal to 2027, according to the report. BLOOMBERG
Business Times
a day ago
- Business
- Business Times
Billionaire Michael Dell reaps US$1.2 billion from stock sale
[NEW YORK] Dell Technologies chief executive Michael Dell sold US$1.2 billion worth of shares in his namesake computer company, reducing his stake by about 3 per cent, according to a Friday (Jun 27) filing. Dell, 60, is the 12th-richest person in the world with a fortune of US$135.4 billion, according to the Bloomberg Billionaires Index. Even after the sale, in which he offloaded 10 million shares, he still owns a stake in the computing giant worth nearly US$39 billion. About a third of the billionaire's fortune is in Dell Technologies stock, including shares held by his wife's trust, while the remainder is primarily held in Broadcom stock and cash proceeds from prior share sales. The sale follows a familiar pattern for Dell, who also sold two blocks of 10 million shares in September, generating more than US$2.3 billion. His company's stock is up more than 9 per cent since May 29, when it gave a profit outlook for the year that beat estimates. It also told investors it had seen a significant increase in orders for servers to run artificial-intelligence (AI) networks. Round Rock, Texas-based Dell Technologies has been undergoing a renaissance as of late, gaining more than 50 per cent last year and rejoining the S&P 500 Index after a decade-long absence off the back of a surge in revenue tied to its AI server business. BLOOMBERG
Malaysian Reserve
2 days ago
- Business
- Malaysian Reserve
Protesters rally in Thai capital to demand premier's resignation
THAI protesters began to rally in Bangkok on Saturday to demand the resignation of Prime Minister Paetongtarn Shinawatra (picture), as the fallout continued from her controversial phone call with former Cambodian leader Hun Sen. Demonstrators gathered at the Victory Monument junction, a key intersection in the capital, waving flags as monks prayed and chanted on a stage. Organizers brought the rally forward by six hours, with crowds expected to become larger as the day progresses. Paetongtarn has resisted calls to step down after a leaked call with Hun Sen was released in which she criticized her army, prompting a key coalition ally to defect and her government to nearly collapse this month. The political turmoil compounds woes of Southeast Asia's third-biggest economy, which has been hurt by US tariff threats, a tourism downswing and a consumption slump. The crisis has also weighed on international investors, who have dumped a net $2.3 billion of Thai stocks this year. Thailand's benchmark stock index has slid 21% this year — among the worst performers globally — largely on concerns that US threats of a 36% tariff will worsen the economic slowdown and hurt company earnings. The gauge tumbled 2.2% on Friday as some investors cut their exposure of domestic stocks ahead of the weekend street protest. 'Domestic politics have returned to trigger extreme volatility in the stock market again,' said Nariporn Klangpremchitt, an analyst at Thanachart Securities Co. Investors are selling off Thai stocks on concern the protest and political uncertainty 'will affect the government's stability and economic policy implementation,' she said. A coalition without Bhumjaithai Party, formerly the alliance's second-biggest group, commands a very slim majority. That could complicate passage of key bills in July, including a controversial proposal to legalize casinos and the next fiscal year's budget. The rest of Paetongtarn's coalition allies have pledged to remain for now. –BLOOMBERG
Business Times
2 days ago
- Automotive
- Business Times
Elon Musk says first Tesla drove itself from factory to customer
[AUSTIN] Tesla chief executive Elon Musk said a Tesla Model Y SUV drove itself from the company's factory near Austin to a customer's home in the company's latest move to showcase its push into autonomous driving. In a post on X, Musk announced the company made an autonomous delivery of a Tesla Model Y from factory to a customer's home, noting the delivery was made 'across town', and included highways. Musk said the delivery did not include anyone in the car and no remote operators were in control of the car. While the post did not include video or images, Musk posted that a video of the event would come soon. Tesla's head of artificial intelligence (AI) and autopilot, Ashok Elluswamy, said the vehicle reached a max speed of 72 miles per hour (116 km per hour). The delivery was one day ahead of the date Musk had earlier set for the first autonomous delivery, Jun 28, which will be his 54th birthday. Tesla's first autonomous delivery highlights Musk's bet that AI and robotics represent the future of his electric car company. It comes days after Tesla began its long-awaited robotaxi service on Jun 22, offering a select group of influencers and investors rides in a small fleet of self-driving Model Y SUVs in a limited area of Austin. Musk previewed both events in a post earlier this month on X, and has said the company plans to eventually have millions of robotaxis on the road in the future. Musk is counting on eventually churning out large numbers of robotaxis and Optimus humanoid robots to underpin the electric vehicle company's next chapter. Sales in key markets including North America and Europe remain sluggish and the company has faced a consumer backlash to Musk's role in US President Donald Trump's administration. Multiple executives have also left the company in recent weeks. The hands-free delivery is an extension of a capability Tesla touted in April, when it posted a video showing cars moving autonomously from its Texas assembly lines to logistics lots prior to shipping. It's unclear whether autonomous deliveries will become a meaningful part of Tesla's operations. Tesla did not immediately respond to a request for comment. BLOOMBERG
